JP Morgan Cazenove’s chairman David Mayhew said it was the introduction of the smoking ban in the UK. Deutsche Bank’s Josef Ackermann points to his time in a Düsseldorf courtroom. And Baring Asset Management strategist Andrew Cole’s believes it was the Mexican peso crisis of 1994.

These were just some of the responses Financial News received from ‘veterans of finance’ – senior executives with more than 30 years’ experience in the European securities industry – who were asked to recall the low – and high – points in their careers.

While Hans-Jörg Rudloff, chairman of Barclays Capital, said the lowest point of his career was the market carnage of the last six months – a choice that will resonate with many of those with shorter memories – the breadth of answers suggests that there are, at times, tougher challenges than volatile markets.

Daniel Truchi, global chief executive of SG Private Banking and a 37-year veteran of European finance, said: “My most frightening experience was when our Paris International office completely burnt down in 1996.”

Financial News generated the list by polling readers and industry contacts. As we started to collect names, similarities between the characters started to emerge among the 40-plus veterans in the list.
Robert Swannell, senior adviser at Citigroup Europe with 32 years’ experience said winning was a necessary obsession, while Schroders chief investment officer Alan Brown said: “Nothing beats winning.”

Ackermann said the highlight of his career was “seeing Deutsche make it into the top tier of global investment banks; and leading it through the financial crisis without any state bailouts.”

Others derived the greatest satisfaction from overcoming adversity.

Mayhew said surviving the 1974 crash was a high point, while others said it was turning round lost causes.

Cole, who is the youngest entry on the list of veterans, has been in finance for 30 years, but is not quite 46. Michael Hicks, non-executive chairman of Alexander David Securities, had his 74th birthday in March this year and is celebrating six decades in the industry after starting off as a 14-year-old “dogsbody” in 1949.

Brian Winterflood (72), founder and non-executive chairman of Winterflood Securities, who started as a messenger in 1953, best explained why he – and many of the other veterans – are still working in financial services and have not felt the need to retire to a life of luxury. He said: “My favourite job? Being at Winterfloods – I can’t see it getting any better. I am the luckiest man you have ever met.”

The full list of veterans can be viewed at http://www.efinancialnews.com/investmentbanking/fn100/